Question

"The company hired Lyn Addie as a part-time assistant for $125 per day, as needed." What...

"The company hired Lyn Addie as a part-time assistant for $125 per day, as needed." What would this look like prepared on a journal entry?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

When an employee is hired, there is no economic transaction taking place. Hence, when the company hired Lyn Addie as part time assistant for $125 per day, there would be no Journal entry for this.

When salary is paid, the journal entry would be as under :

Journal

Date

Account Title and Explanation

Debit

Credit
Salary expense -------
Cash -------

kindly give a positive rating if you are satisfied with the solution. Please ask if you have any query related to the question, Thanks.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash to...
Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash to Lyn Addie for eight days' work at $130 per day. March 25 The company sold merchandise with a $2092 cost for $2940 on credit to Wildcat Services, dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Here $1,040 of wages are subjects to no deductions other than FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal...
Oct.   1 S. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in...
Oct.   1 S. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company in exchange for its common stock. 2 The company paid $3,300 cash in advance for four months' rent. 3 5 The company purchased $1,420 of computer supplies on credit from Harris Office Products. The company hired Lyn Addie as a part-time assistant for $125 per day, as needed. 5 The company paid $2,220 cash for one year's premium on a property and...
Two medical Technologists at JRU Medical Center(JRUMC) have decided to work part-time rather than full-time. They...
Two medical Technologists at JRU Medical Center(JRUMC) have decided to work part-time rather than full-time. They would like to work only two consecutive days per week. Because they would be part-time employees, salary and benefits per medical technologist-day for these medical technologists would be removed. JRU Medical Center(JRUMC)could hire an additional full-time medical technologist if needed. Should JRUMC agree for this request? If the satellite diagnostic clinic does agree, will additional medical technologist need to be hired? Assuming that part-time...
You are hired by a cell phone provider to determine the number of times per day...
You are hired by a cell phone provider to determine the number of times per day their customers interact with their smartphone. You take a random sample of 20 customers and find the mean average number of interactions to be 45 times per day with a sample standard deviation of 8. a. If you decide to construct a confidence interval for the population mean number of interactions, what distribution would you use and why? Construct a 95% confidence interval (to...
On October 1, 2017, Santana Rey launched a computer services company, Business Solutions, that is organized...
On October 1, 2017, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company’s first set of financial statements on December 31, 2017. Oct. 1 S. Rey invested $46,000 cash, a $24,000 computer system, and $12,500 of office equipment in the company in exchange for its common stock. 3 The...
Lost-time accidents occur in a company at a mean rate of 0.6 per day. What is...
Lost-time accidents occur in a company at a mean rate of 0.6 per day. What is the probability that the number of lost-time accidents occurring over a period of 10 days will be at least 2? Round your answer to four decimal places.
Following are transactions of Danica Company. Dec. 13 Accepted a $18,000, 45-day, 7% note in granting...
Following are transactions of Danica Company. Dec. 13 Accepted a $18,000, 45-day, 7% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Complete the table to calculate the interest amounts at December 31stand use the calculated value to prepare your journal entries.
Pratt/Julian Barbeque is a small restaruant in Columbia, Missouri. They employ four part time employees earning...
Pratt/Julian Barbeque is a small restaruant in Columbia, Missouri. They employ four part time employees earning $48 each per day. Their employees are paid every Friday and the financial statements of the business are prepared at the end of each month. The business is only open Monday through Friday to serve the nearby factory workers during their lunch breaks. This year June 30 fell on a Thursday and the financial statements were prepared as normal. Would Pratt/Julian need to prepare...
Thomas Stamping Company provides its 140 employees with a comprehensive benefits package. As part of this...
Thomas Stamping Company provides its 140 employees with a comprehensive benefits package. As part of this package, Thomas allows each of its 140 employees 14 paid sick days per year. The average wage rate for the current year is $145 per day. If employees do not take the sick days in the current year, the days carry over indefinitely and will be paid to the employee upon termination. Employees took 65% of the days during the current year and carried...
Dan in Real Life began operations on 1/1/19. That day, the company issued 50,000 shares of...
Dan in Real Life began operations on 1/1/19. That day, the company issued 50,000 shares of $5 par value common stock to the public for a price of $40 per share. On 2/14/20, for the first time, the company repurchases 1,000 shares of common stock for a price of $42 per share. Required (1):  On 6/15/20, the company reissues 200 shares of treasury stock to the public for a price of $45 per share. Record the journal entry for the reissuance...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT